Morgan Housel made his first investment at 18, putting $1,000 into a certificate of deposit at his local bank. When he started earning interest on that saving, he was hooked. He dove into books on finance, investing, and wealth building, eventually becoming a financial columnist for The Motley Fool and The Wall Street Journal. In today’s episode, Morgan shares why he thinks personal finance is more like psychology than physics, some of the common emotional pitfalls that can derail your financial planning, and much more.
In this episode, Hala and Morgan will discuss:
(00:00) Introduction
(05:49) Early Financial Experiences
(09:05) The Life-Changing Ski Accident
(16:17) Career at Motley Fool and Transition
(18:07) Writing and Publishing Books
(28:30) The Psychology of Money
(32:09) Personal Financial Philosophy
(36:53) The Purpose of Money
(38:40) Emotional Pitfalls in Personal Finance and Investing
(42:39) The Art of Keeping Wealth
(44:40) Balancing Optimism and Pessimism in Business
(51:21) The Long Tail Strategy in Investing
(54:10) The Importance of Patience in Investing
(01:00:10) Preparing for Unseen Risks
(01:07:08) The Role of Stress and Incentives in Success
(01:12:05) Permanent vs. Expiring Information
Morgan Housel is a partner at The Collaborative Fund. He's the author of the bestselling book The Psychology of Money. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, and winner of the New York Times Sidney Award. In 2022, MarketWatch named him one of the 50 most influential people in markets. He serves on the board of directors at Markel.
Resources Mentioned:
Morgan’s Podcast: youngandprofiting.co/3ELHGYl
Morgan’s Book, Same as Ever: youngandprofiting.co/4jZGalU
Morgan’s Book, The Psychology of Money: youngandprofiting.co/4gIFP3U
Episode Sponsors:
Shopify - Sign up for a one-dollar-per-month trial period at youngandprofiting.co/shopify
Airbnb - Your home might be worth more than you think. Find out how much at airbnb.com/host
Rocket Money - Cancel your unwanted subscriptions and reach your financial goals faster with Rocket Money. Go to rocketmoney.com/profiting
Indeed - Get a $75 job credit at indeed.com/profiting
RobinHood - Receive your 3% boost on annual IRA contributions, sign up at robinhood.com/gold
Factor - Get 50% off your first box plus free shipping when you use code FACTORPODCAST at factormeals.com/profiting50off
Active Deals - youngandprofiting.com/deals
Key YAP Links
Reviews - ratethispodcast.com/yap
Youtube - youtube.com/c/YoungandProfiting
LinkedIn - linkedin.com/in/htaha/
Instagram - instagram.com/yapwithhala/
Social + Podcast Services - yapmedia.com
Transcripts - youngandprofiting.com/episodes-new
Entrepreneurship, Entrepreneurship Podcast, Business, Business podcast, Self Improvement, Self-Improvement, Personal development, Starting a Business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing, Negotiation, Money, Finance, Side hustle, Mental Health, Career, Leadership, Mindset, Health, Growth Mindset, Finance, Personal Finance, Scalability, Investment, Financial Freedom, Risk Management, Business Coaching, Finance Podcast, Finance, Financial, Personal Finance, Stock Market, Scalability, Investment, Risk Management, Financial Planning, Business Coaching, Finance podcast, Investing, Saving
